U.S. oil edges up after drop in crude inventories, but soaring output weighs
Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market.
U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0021 GMT, up 13 cents, or 0.2 percent from their last settlement.
Brent crude futures
Traders said the higher prices came as U.S. crude oil inventories fell by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels
However, the slightly higher prices came after a much bigger sell-off in late U.S. trading.
"Crude oil prices fell sharply after a larger-than-expected rise in gasoline inventories. This suggests that refiners may not need to process as much crude in the future" ANZ bank said on Thursday.
"The EIA report also showed that U.S. production increased again," it added.
U.S. crude production
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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